Joe Biden continues to reward China for failing to live up to its Phase 1 trade agreement and ongoing intellectual property theft.
Recent remarks by U.S. Commerce Secretary Gina Raimondo indicate the Biden Administration has no intention of holding the communists to their word or taking punitive actions for criminal practices.
“I don’t think that anything has changed meaningfully, which is to say China has to play by the rules,” Sec. Raimondo reportedly said. “Chinese airlines have purchases for tens of millions of dollars of Boeing airplanes, and the Chinese government is holding that up. They are not respecting intellectual property and stealing IP of American companies. They’re putting up all kinds of different barriers for American companies to do business in China, and that’s not right.”
Intellectual property theft costs America upwards of $500 billion annually, which equals taking $4,000 to $5,000 away from every family. Former President Donald Trump took a hard stance on China’s nefarious actions and defeated the regime in a tough trade war. The communists yielded to the Trump Administration’s escalation of tariffs and agreed to a Phase 1 trade deal that started to balance the scales. Unfortunately, China ignored the agreement once Joe Biden’s handlers took over.
U.S. Trade Representative Katherine Tai reported that China failed to make good on its promise to purchase an additional $200 billion in U.S. goods. Tai recently went on the record claiming the Biden Administration would “use the full range of tools we have, and develop new tools as needed, to defend American economic interests from harmful policies and practices.”
But when pressed on what leverage would be brought to bear, Tai appeared baffled and out of her depth. She couldn’t point to a single type of leverage the Biden Administration planned to utilize. Instead, she engaged in the same political double-talk everyday Americans hear from White House Press Secretary Jen Psaki.
“I think, like with anything else in life, you’ve got to look at where you’ve come from to figure out, if you’ve not gotten to where you want to go, how you correct course,” Tai reportedly said, claiming the Biden Administration’s approach “is very much about being thoughtful.”
Joe Biden’s cronies have been exceedingly skilled at pushing feel-good language in speeches and through the dishonest media. But the facts tell a very different story. According to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, the August trade deficit topped $73.3 billion. That figure represents a 4.2 percent month-over-month increase.
The more frightening realities stem from the fact the deficit was $50 billion in August 2019 and only reached approximately $52 billion during August 2020. Since Biden entered the White House, reliance on foreign goods, materials, and services appear to be on a record-setting trajectory.
“Year-to-date, the goods and services deficit increased $140.8 billion, or 33.7 percent, from the same period in 2020,” a Bureau of Economic Analysis report indicates. “Exports increased $244.3 billion or 17.5 percent. Imports increased $385.1 billion or 21.2 percent.”
During the month of August, the trade deficit with China reportedly spiked from $3.1 billion to $28.1 billion. The Biden Administration can push all the phony narratives it wants. However, there’s no escaping the hard data that proves China is once again steamrolling America.